2,070 Shares in 3M (NYSE:MMM) Bought by Wedmont Private Capital

Wedmont Private Capital bought a new position in shares of 3M (NYSE:MMM) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,070 shares of the conglomerate’s stock, valued at approximately $215,000.

Several other large investors have also added to or reduced their stakes in the business. Tributary Capital Management LLC acquired a new stake in 3M in the first quarter valued at $25,000. Financial Synergies Wealth Advisors Inc. raised its position in shares of 3M by 419.1% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 244 shares of the conglomerate’s stock valued at $26,000 after purchasing an additional 197 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of 3M in the first quarter valued at about $32,000. Livelsberger Financial Advisory bought a new position in shares of 3M in the fourth quarter valued at about $35,000. Finally, Cape Investment Advisory Inc. raised its position in shares of 3M by 42.8% in the fourth quarter. Cape Investment Advisory Inc. now owns 387 shares of the conglomerate’s stock valued at $42,000 after purchasing an additional 116 shares during the period. Institutional investors and hedge funds own 65.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MMM. Wolfe Research raised shares of 3M from a “peer perform” rating to an “outperform” rating and set a $125.00 price target on the stock in a research report on Thursday, June 13th. Royal Bank of Canada raised their price target on shares of 3M from $93.00 to $95.00 and gave the stock an “underperform” rating in a research report on Monday, July 29th. Bank of America raised their price target on shares of 3M from $120.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Vertical Research raised shares of 3M from a “hold” rating to a “buy” rating and raised their price target for the stock from $92.00 to $140.00 in a research report on Thursday, May 16th. Finally, UBS Group raised their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $123.57.

Insider Buying and Selling

In related news, Chairman Michael F. Roman sold 5,675 shares of 3M stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the sale, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Theresa E. Reinseth sold 2,100 shares of 3M stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Michael F. Roman sold 5,675 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The disclosure for this sale can be found here. 0.34% of the stock is owned by corporate insiders.

3M Trading Up 1.6 %

MMM opened at $125.35 on Wednesday. The company’s 50 day moving average is $108.04 and its 200-day moving average is $100.52. 3M has a 1-year low of $71.12 and a 1-year high of $128.65. The company has a current ratio of 1.36, a quick ratio of 1.08 and a debt-to-equity ratio of 2.95. The company has a market cap of $69.36 billion, a P/E ratio of -9.85, a PEG ratio of 2.34 and a beta of 0.95.

3M (NYSE:MMM) last posted its quarterly earnings results on Friday, July 26th. The conglomerate reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.25. 3M had a net margin of 3.08% and a return on equity of 112.92%. The company had revenue of $6.26 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period last year, the company posted $2.17 EPS. Equities research analysts predict that 3M will post 7.21 earnings per share for the current fiscal year.

About 3M

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.